Patch of Land, a Los Angeles, CA-based crowdfunding solution for real estate financing, raised $23.6m in Series A financing.
The round was led by SF Capital Group with participation from Ron Suber, president of Prosper Marketplace. In conjunction with the funding, Neil Wolfson, President of SF Capital Group, will join the Board of Directors of Patch of Land.
The company intends to use the funds to increase its market share and further develop marketplace’s technology and data systems, and hire additional real estate and technology professionals.
Led by Jason Fritton, co-founder and CEO, Patch of Land operates a crowdfunding platform that connects borrowers and lenders for real estate financing.